The Asian and central and eastern European businesses of Allianz have delivered strong growth for the German insurer in the first half of its fiscal year, with premium volume rising 17% to E6.3 billion during the six-month period.
<p>In addition, these growth markets saw an operating profit of E436 million in H1 2007, up 11% compared to the same period a year ago, while net income reached E390 million, representing a 21% increase over H1 2006.<br /><br />In the Asia Pacific area, premiums reached E4.1 billion, breaking the E4 billion milestone for the first time in a six-month period. The biggest life operation in the region remains in the Korean market, where premiums amounted to E931 million. <br /><br />Meanwhile, over in central and eastern Europe, premiums reached E2.2 billion, up 24% from the same period a year ago. The successful result was boosted by Russia, which saw a positive impact from the acquisition of Progress-Garant in May 2007, as well as the acquisition of Russian insurer Rosno in February 2007. <br /><br />Commenting on the group's future outlook, Werner Zedelius, the board member of Allianz responsible for growth markets, said: For 2007 we are on a very good track to deliver another year of double-digit growth. We are very pleased with the overall development of the top line. And we also see high profitability of our operations. That shows strong commitment to our strategy of 'growth meets profitability'.</p>